Al Fayed quits Britain

Harrods boss Mohamed Al Fayed has announced he has quit Britain and moved to Switzerland for personal reasons.

The decision to find a permanent residence in Geneva comes after Mr Al Fayed lost a legal battle last year to retain his special tax status.

The tycoon had been attempting to overturn the Inland Revenue's decision to end an agreement which allowed him to pay £240,000 a year in tax.

But Lord Gill ruled against the multi-millionaire and his brothers at the Court of Session in Edinburgh.

A statement issued on behalf of Mr Al Fayed tonight claimed he had been "singled out from many non-domiciled taxpayers two years ago when the Inland Revenue unilaterally and without warning breached a long-standing arrangement through which he had been paying tax for many years."

He said: "The recent grossly unfair treatment at the hands of the Inland Revenue finally convinced me that, for the sake of my family, the time has come to leave."

He added: "I am leaving with a heavy heart because this is a country where I have lived for over 35 years and which I have come to love very deeply.

"All my four children were born and brought up here and are British citizens.

"My record shows that I have contributed enormously to the economy, business infrastructure and social fabric of this country over many years."

Mr Al Fayed, who is chairman of Fulham Football Club, will not be able to attend as many games as he has in the past, a spokesman said. But he will still be visiting the world famous Knightsbridge store and his other business interests, he added.